External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.</li><li>Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.</li><li>Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Thematic (Sector/Industry)

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – November Online Retail Sales Recap

<ul><li>JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.</li><li>Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.</li><li>We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.Non-GAAP net income of RMB10.0bn in 3Q22 was 38/41% ahead of our estimates/consensus, and translated into a non-GAAP net margin of 4.1% (3Q21: 2.3%), 1.1pp ahead of our forecast, driven by strict cost control amid macro headwinds.We lowered 22-24E revenue forecast by 1.2-3.0% to account for severe-than-expected impact brought by pandemic resurgence, and slower-than-expected general merchandise revenue growth due to management’s proactive move to focus more on driving profitability expansion than scale growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Stronger-than-expected margin expansion

<div><ul><li>Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV</li><li>Overall consumption sentiment still needs confidence boost.</li><li>Ability to stabilize earnings remains the key focus in the near term.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMVOverall consumption sentiment still needs confidence boost.Ability to stabilize earnings remains the key focus in the near term.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – October online retail sales recap

<ul><li>Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.</li><li>Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.</li><li>In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Sportswear Sector – Sequential improvements during double 11

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and...

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

JD.com (JD US) – Stronger-than-expected margin expansion

JD announced (18 Nov) 3Q22 results: revenue was RMB243.5bn, up 11.4% YoY, in line with both our forecast and Bloomberg-consensus.

CMB International

China Internet – October online retail sales recap

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV. Overall consumption...

CMB International

China Sportswear Sector – Sequential improvements during double 11

Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market...

CMB International

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